Unit 12 how to measure the immesurable

1. Pronounce the following words and word combinations. Use a dictionary if necessary.

Myriad, threat, to identify, mathematical, subjective, forefront, insurer, to adapt, catastrophe, disaster, previously, technique, hurricane, nought, startling, array, tangible, scenario, to eschew, flood, initiative, to occur, matrix, axis, rocket, to negate, garbage, credibility, substance, roughly.

2. Give Russian equivalents to the following words and word combinations.

To face myriad risks to operations, to measure threats, to canvas opinions, forefront of a company, to meet changing needs, to be applied to man-made disasters, to estimate impact from potential disaster, to calculate losses from natural catastrophes, startling array of tools, to set aside against a particular risk, to reach a consensus, voting keypad, to feature scenario analysis, to eschew mathematical modelling, to replicate full scale warehouse fires, risk mitigation measures, to negate the need, to attach a greater credibility to the number, to back up.

3. Read the text again and answer the following questions.

1. What is a wide range of tools, which can be used to measure and control the threats companies face?

2. Why are risk management tools being adapted to meet companies’ changing needs?

3. Why is catastrophe modelling increasingly being applied to man-made disasters?

4. What was the technique, which uses computer programmes to estimate impact from potential disasters mainly used to?

5. What is the decision on which tool to use dictated by?

6. What approach do banks look at how much capital to set aside against a particular risk require?

7. What would a company considering relocating a manufacturing plant need to take?

8. What is used to reach a consensus in such a situation?

9. Which threats are less tangible and much harder to measure?

10. What analysis is used to measure less tangible risks?

11. What is needed if complex tools are not always the answer?

12. How should the impact be evaluated?

13. What is the graphical representation of the effects of either situation?

14. What does such an approach enable to?

15. Why don’t these tools negate the need for more down-to-earth thinking?

16. Why shouldn’t everyone think it is perfection if something has come out of a computer?

17. What is the problem with instinct?

4. Complete the sentences with the information taken from the text.

1. The majority of all loss can be … or … .

2. There is a danger that if something has … … of computer, everyone thinks it is perfection.

3. The impact should be evaluated with all possible risk … measures in place.

4. Banks looking at how much capital to … … against a particular risk would require a mathematical approach.

5. The danger with instinct is that there is nothing to … it … .

6. The decision on which tool to use is dictated by the particular business and issue … … .

7. In the face of less tangible risks, suitable tools would feature … … .

8. An array of sophisticated tools does not … the need for more down-to-earth thinking.